HomeBitcoinCrypto news live: Bitcoin price crash halted after Elon Musk tweet

Crypto news live: Bitcoin price crash halted after Elon Musk tweet



Bitcoin has rebounded from one of the most severe price crashes in its history on Wednesday, helping to steady the wider crypto market.

Ethereum (ether), Cardano (ada) and dogecoin have all remained relatively calm overnight, after Elon Musk tweeted that Tesla would not be selling its substantial cryptocurrency holdings.

The initial crash on Wednesday was prompted by an announcement from regulators in China that cryptocurrency payments would be banned, though individuals in the country will still be permitted to own cryptocurrencies.

The news saw bitcoin fall below $31,000 – less than half the all-time high price that it reached in mid April – before recovering to around $40,000 on Thursday.

Cryptocurrency experts and market analysts appear divided over whether this crash is similar in magnitude to the one seen in 2017/18, or simply a price correction on the way to new record highs in 2021. We’ll have all the latest updates, as well as a Q&A session where you have the chance to ask our experts anything.

Show latest update

1621499953Crypto analysts unpick bitcoin price crash and broader market chaos

After a chaotic day for all cryptocurrencies on Wednesday, the relative calm on Thursday morning has given market analysts a chance to unpick what just happened.

Vincent Chok, CEO of crypto firm First Digital Trust, says he is “not really concerned” about the price crash this week, claiming the space is far more mature than four years ago.

Paolo Ardoino, chief technology officer of cryptocurrency exchange Bitfinex, agrees with this sentiment, adding that anyone celebrating bitcoin’s losses are people exhibiting “the very worst characteristics”, like schadenfreude.

Here’s what they had to say in full:

I’m not really concerned about the long-term effects of this. More and more financial institutions are getting involved in this space which has already legitimized this industry.

Financial institutions, hedge funds and high-wealth investors are looking at crypto beyond the investment benefits… A lot of revenue is being derived from crypto lending, asset lending, and this is just going to grow larger, despite the dips of this week.

Vincent Chok, CEO of First Digital Trust

As the financial application of the blockchain, bitcoin has emerged as an immutable and battle-tested force. Those drawing comfort from a sea of red today should remember that they come from a very different generation to the one that will use this technology in ways that will bring financial freedom to so many.

Bitcoin’s steel has been sharpened in the most adversarial conditions of the open public Internet. Critics who celebrate what they perceive as a meltdown in crypto exhibit the very worst characteristics – coupled with schadenfreude – towards a technology that is elegant in its brilliance. Those who don’t and refuse to get it will be proved wrong.

Paolo Ardoino, CTO of Bitfinex

Anthony Cuthbertson20 May 2021 09:39

1621493405Bitcoin price steady after bounce back

Bitcoin has held firm on or around the $40,000 mark overnight, bringing a welcome moment of calm for the markets.

Despite the huge losses since the all-time high above $64,000 in April, bitcoin remains in the top-10 list of global assets in terms of market cap.


It may have slipped behind Facebook but it is still ahead of Tesla, as well as payment giants like Mastercard, PayPal and Visa.

It is also ahead of every major bank and financial institution in the world, worth more than twice that of Bank of America. One year ago, bitcoin wasn’t even in the top 30.

Anthony Cuthbertson20 May 2021 07:50

1621452515Bitcoin ‘oversold’

The last time the price of bitcoin dipped this severely was in March 2020, when the full implications of the Covid pandemic where beginning to be realised.

At that time, bitcoin dropped briefly below $4,000, as global financial markets took a pummelling from the prospect of prolonged lockdowns and the economic shutdowns that would come with them.

The crypto market crash at that time prompted many to speculate that it may actually be a good time to buy bitcoin, with even famed whistleblower Edward Snowden suggesting that bitcoin was oversold.

This sentiment is one shared by Pete Humiston, manager of Kraken Intelligence, who tells The Independent that investors may well take advantage of the market disruption to “buy the dip”.

He says: “The last time bitcoin was this oversold was in March 2020. But crypto has had a breathtaking run over the past couple of quarters, so a strong pull back and consolidation now isn’t surprising – it’s what we’ve seen in all other previous bull markets.”

Anthony Cuthbertson19 May 2021 20:28

1621449561Crypto analysts bullish about bitcoin price

Various cryptocurrency experts and market analysts that we’ve heard from so far today have been divided over whether this current crash is of a similar magnitude to the one bitcoin experienced at the end of 2017, or just a price correction on the way to new record highs.

With bitcoin’s fate still hanging in the balance, we’ve heard from two new voices who side firmly with the latter of those two options.

Here’s what Ganesh Swami, CEO and co-founder of blockchain data provider Covalent, and Antoni Trenchev, co-founder of the financial institution Nexo, had to say:

In the bull market, seeing these big drops is common. The last time we saw a bull run, Bitcoin dropped at least half a dozen times by 20-30 per cent before it went to the then all-time high.

With hundreds of projects getting built across various blockchains, key crypto segments like DeFi up at $71 billion of total value locked, NFTs getting their fair share of attention in mainstream media, Ethereum, the second-largest blockchain in the world, getting multiple efficiency updates and moving to PoS (proof-of-stake) in the upcoming months, the markets are bound to make a quick comeback sooner.

Ganesh Swami, CEO of Covalent

Every bull run within crypto has seen five to seven declines in excess of 30 per cent and this cycle is no exception. Ethereum is at a different stage in its cycle — the market seems to be struggling to stop it in its tracks.

More than anything, what this undeniably large correction and those before it prove is that the crypto market is resilient, that it’s a long-term game ill-suited to the weak-handed.

Antoni Trenchev, co-founder of Nexo

Anthony Cuthbertson19 May 2021 19:39

1621444690Bitcoin price bounces back

Bitcoin has returned back above $40,000! That’s a considerable bounce after dropping as low as $30,681 earlier today.

The rebound appears to have coincided with Elon Musk’s “diamond hands” tweet, meaning the Tesla CEO potentially both single-handedly started and ended this market downturn.


It’s too early to say whether we’re actually through the worst of it, of course, but bitcoin is back above the level it was at before that panic-induced flash crash.

The next few hours could prove crucial in determining the longer-term trajectory of bitcoin and the broader cryptocurrency market.

Anthony Cuthbertson19 May 2021 18:18

1621440388What do Elon Musk’s emoji mean?

But what does it mean? Quite a lot, actually.

Andrew Griffin19 May 2021 17:06

1621437524Ask our experts anything about the crypto market crash

If you’ve got any questions about this chaotic crypto market crash, we’ve assembled two experts to provide their analysis and answer any queries you may have.

Joining us tomorrow morning will be Dr Iwa Salami, a senior lecturer in financial law at the University of East London, and Fred Schebesta, a crypto advocate and founder of the comparison platform Finder.com – which recently surveyed dozens of academics and market analysts for its April/ May 2021 Cryptocurrency Predictions Report.

They will give readers of The Independent an opportunity to ask anything they like about bitcoin and the crypto space: Was this crash expected? Is it a repeat of 2017? And what are their predictions for where it will go from here?

You can find out more about it here, and add any questions you have in the comments below the article.

Anthony Cuthbertson19 May 2021 16:18

1621436264Elon Musk says Tesla is not selling its bitcoin

Elon Musk, who many blame for starting this market-wide collapse, has just tweeted that Tesla will not be selling its substantial crypto holdings.

Tesla’s “diamond hands” will be a strong signal to institutional investors that the electric car maker is in it for the long haul. If Tesla was to sell now, it would be doing so at a loss.

Musk fist announced that Tesla had invested $1.5 billion in bitcoin in February, while simultaneously revealing that it would begin accepting payments with the cryptocurrency. Backtracking on the latter part of this announcement last week sparked a major sell-off, which continued over the weekend and through to this week.

His tweets have moved markets before – maybe this is what’s needed to arrest the slide?

Anthony Cuthbertson19 May 2021 15:57

1621434062Dogecoin founder offers ‘complete rules of crypto price prediction’

One of the founders of dogecoin has offered his advice to anyone looking for predictions about where the cryptocurrency market goes from here.

Dogecoin has lost nearly a third of its value during this latest crash, and more than half its value since its all-time high earlier this month, but despite these losses it is still up more than 8,000 per cent since the start of the year.

Billy Markus, who co-founded dogecoin in 2013 alongside Jackson Palmer, has just tweeted his “complete rules of crypto price prediction”. It’s surprisingly simple:

1.) No one knows anything.

2.) See #1

Billy Markus, founder of dogecoin

Anthony Cuthbertson19 May 2021 15:21

1621433065‘Crypto discount sale’

Cryptocurrency prices are at their lowest since the start of the year. While some are cashing out in case it falls further, others are hoping this might be a great buying opportunity.

Anthony Cuthbertson19 May 2021 15:04


Source link


Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular